BCREA Housing Market Update for November 2022

The BC Real Estate Association released it’s latest housing market update for November 2022 where they discuss the October 2022 statistics. In BC the housing activity increased slightly in October versus Sepember but is still slow by historical standards. The number of sales are down 45.5% year over year and this is about 30% lower than what is considered normal for this time of year. The number of active listings were up 51.9% compared to the near-record low inventory levels from last year. Even though we have seen an increase in active listings, they have been flat for the last 3 months. The market right now for the province is in balanced territory – it is not a sellers nor a buyer’s market. BCREA also states that this is not the case for all regions or even the housing types, where the market is more in the Buyer’s market range. The MLS average price for BC was down 3.1% for October. Average prices have come down significantly since the peak levels reached in February of 2022. Most markets in BC have seen price levels flatten for the last few months. The Home Price Composite index which is not suceptable to being influenced by the composite of sale types shows that home prices are down from the peak levels but still remain higher than this time last year. The HPI for the interior is up 6.1% for September and 3.2% for October.

For Kamloops there were 168 unit sales in the month of October which is a 46.9% decrease from this time last year. The average price is $592,617 which is a 3.9% year over year change. Kamloops had a 57.5% increase in active listings with 937 units on the market. That equates to 5.6 months worth of sales. The Kamloops market has definitely shifted towards more of a buyer’s market however we do see small pockets in the market were we are experiencing higher demand and at times multiple offers.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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New Listing: 883 Woodhaven Dr, Westsyde, Kamloops, BC $669,900

880 Woodhaven Dr, Westsyde, Kamloops Real Estate for Sale

New Listing: 883 Woodhaven Dr, Westsyde, Kamloops, BC $669,900. Nice family home or investment property in Westsyde on a large corner lot that checks off many of the boxes.

This home offers 3bedrooms up and 2 down with a separate entry. There is a door that leads to the suite from the main floor which gives access to the entire house if desired. The main floor of the home features a well designed kitchen with tons of cupboard space and a peninsula that joins to the dining room and a bright bay window looking into the fully fenced yard.

The dining room opens up to the living room with big windows and sliding doors that lead out to a closed in deck for a little extra space. You can also access the rest of the deck from the closed in area for your BBQ and sun chairs. The main floor also offers 2 good sized rooms at the one end of the home, a 4pc bathroom and one more bedroom with stacked laundry units.

Access to the 2 bedroom, 1 bathroom suite is around back with a nice sitting area. Large entry leads you to one side having a bedroom, 3pc bathroom and storage. Kitchen is situated in the centre of the suite and is open to the living area. Off of the living area is another large bedroom and an open bonus entry area with access into the single car garage.

Outside offers a fenced area of the yard with an open space in the front of the home and tons of parking for your cars, multiple RVs, boats etc.

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New Listing: 342 Fortune Dr, North Kamloops, BC $499,900

342 Fortune Dr, North Kamloops, Real Estate for Sale

New Listing: 342 Fortune Dr, North Kamloops, BC $499,900. Great opportunity to own a full duplex close to Downtown and North Shore shopping amenities.

344 is a 2bed 1bath unit with hardwood floors in the living area, updated laminate flooring in the kitchen and back bedroom, and updated kitchen cabinets. 342 is a 1 bedroom 1 bath unit with an enclosed porch for extra storage.

Lots of parking behind the house with lane access beside the home making it easy to turn on and off Fortune Drive. Large front yard with space to enjoy.

Currently rented by long term tenants for $1200 and $700 plus utilities each. Separate meters and laundry for each unit. Don’t miss this chance to own this great investment property. Call today for more information. 24 hours notice for showings.

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BC Home Sales Remain Slow While Active Listings Plateau

Vancouver, BC – November 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential price in BC was $932,979, a 3.1 per cent decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2 per cent decline from the same time last year.

“Sales activity remains slow across the province and inventories appear to be plateauing,” said BCREA Chief Economist Brendon Ogmundson. “While prices have fallen from peak levels reached in early 2022, average prices have recently leveled off.”

Year-to-date, BC residential sales dollar volume was down 26.3 per cent from the same period in 2021 to $73.3 billion. Residential unit sales were down 33 per cent to 72,824 units, while the average MLS® residential price was up 10 per cent to $1.01 million.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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To search for Kamloops real estate and homes for sale click here.

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